"The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations; U.S. trade and economic relations with specific regions and countries; international institutions focused on trade; tariff and nontariff barriers; worker dislocation due to trade liberalization; enforcement of trade laws; import and export policies; international investment; economic sanctions; and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government. Major Actions in the 114th Congress.
The 114th Congress passed legislation that:
renewed Trade Promotion Authority (TPA) through July 1, 2021 (subject to
passage of an extension disapproval resolution in 2018), allowing implementing
legislation for trade agreements to be considered under expedited legislative
procedures, provided that certain statutory requirements are met;
reauthorized Trade Adjustment Assistance (TAA), the Export-Import Bank (ExIm
Bank), and several U.S. trade preference programs on a multi-year basis;
reauthorized the U.S. Customs and Border Protection (CBP); and
authorized U.S. participation in quota and governance reforms at the
International Monetary Fund (IMF)..."